TL;DR
- USDC has become a leading asset on Ethereum, with usage also expanding on Base and Polygon as the network leans harder into stablecoin transfers.
- Over the past month, USDC supply on Ethereum rose 12%, as lower fees pushed gas under 1 gWei and cut transfers to under $0.01.
- Monthly USDC transfer volume on Ethereum mainnet reached $1.7T in February 2026, up 250% from the same month in 2025, showing scaling.
As Ethereum searches for its next use case, stablecoins are becoming the chain’s clearest growth engine. The supplied report says activity has shifted decisively toward dollar-linked transfers, with USDC emerging as the standout asset as the network scales for broader financial use. That change is being helped by unusually low transaction costs, which have reopened mainnet to retail users after years when high fees made simple transfers impractical. In that environment, Ethereum is no longer leaning only on older bull-market narratives. It is increasingly functioning as a platform for cheap, liquid, and accepted stablecoin movement.
🔥 Stablecoin Balances by Blockchain – Ethereum Still Dominates
Stablecoins are where real capital sits in crypto. Ethereum's dominance shows it's still the go-to home for parked liquidity, DeFi, and institutional flows.
Ethereum: $186.5B (far ahead)
Tron: $87.2B
Solana: $17.8B… pic.twitter.com/pVnk2kSLqx— Ethereum Daily (@ETH_Daily) March 9, 2026
Stablecoin demand reshapes Ethereum’s role
The strongest signal comes from USDC’s sharp expansion across Ethereum and its scaling ecosystem. Based on Token Terminal data cited in the article, USDC has become a leading asset on Ethereum, while also gaining wide usage on Base and Polygon. Over the past month, USDC supply on Ethereum rose 12%, reflecting stronger demand for a stablecoin described as compliant with MiCAR and the US Genius Act. Ethereum still leads other chains by raw stablecoin supply, but its L2 networks are adding fresh momentum by increasing reserves and transfers, reinforcing a broader scaling story around payments.
Low fees are a key part of that momentum because cost efficiency has reopened Ethereum to everyday activity. The report says gas is again under 1 gWei, DEX swaps have dropped to around $0.03, median transaction fees were below $0.02 in February 2026, and token transfers cost under $0.01. Those economics have made retail stablecoin transfers viable again. At the same time, lower NFT activity and fewer token launches have helped keep network costs compressed. The result is a different Ethereum, one where cheap settlement is helping stablecoin usage reach an all-time high for users.
What makes USDC’s rise more striking is the sheer scale of transfer activity now flowing through mainnet. The article says USDC climbed vertically in 2025 and reached near-record transfers by February 2026. Monthly transfer volume on Ethereum mainnet hit $1.7T in February, up 250% against the same month in 2025, according to the cited Token Terminal data. Even so, USDT remains the top stablecoin on Ethereum itself, while USDC has moved ahead on Polygon. Circle’s broader footprint also extends to non-USD stablecoins, adding euro and ruble-denominated liquidity that strengthens Ethereum’s role as a finance hub.
